同时，公司于2025年11月10日收到上海证券交易所下发的《关于元成环境股份有限公司终止上市相关事 项的监管工作函》(上证公函【2025】3875号)。 *ST元成（603388）(603388.SH)发布公告，公司于2025年11月10日收到上海证券交易所下发的《关于拟 终止元成环境股份有限公司股票上市的事先告知书》(上证公函【2025】3874号)。截至2025年11月10 日，公司股票已连续20个交易日的每日股票收盘总市值均低于5亿元，根据相关规定，公司股票已经触 及终止上市条件。 ...

Core Points - *ST Gaohong's stock will be delisted due to a continuous closing price below 1 yuan for twenty trading days, effective November 3, 2025 [2] - The company is facing potential claims from investors who suffered losses due to its misconduct [3] - The company has been under investigation by the China Securities Regulatory Commission for information disclosure violations [2] Company Overview - *ST Gaohong was established on January 20, 1994, with a registered capital of 1.15786 billion yuan, and is based in Guizhou Province [4] - The company operates in smart connected ecosystems, digital transformation for government and enterprises, information security, and domestic IT products [4] - The current chairman is Fu Jinglin, and the company employs 445 people [5] Financial Performance - The company's revenue for 2022, 2023, 2024, and the first three quarters of 2025 were 6.122 billion yuan, 5.537 billion yuan, 1.464 billion yuan, and 571 million yuan, reflecting year-on-year declines of 19.78%, 13.51%, 75.31%, and 44.64% respectively [5] - The net profit attributable to shareholders for the same periods were -216 million yuan, -821 million yuan, -2.237 billion yuan, and -432 million yuan, with year-on-year changes of 45.46%, -8184.82%, -47.21%, and -586.90% respectively [5] - The company's asset-liability ratios were 51.78%, 57.84%, 82.44%, and 89.73% over the same periods [5] Risk Factors - The company has a total of 4,191 risk alerts, with 279 related to surrounding risks, 74 historical risks, and 528 warning alerts [6]

Group 1 - The China-EU export control dialogue was held in Brussels, focusing on mutual concerns in the export control field and agreeing to maintain communication to stabilize supply chains [4] - The China Securities Regulatory Commission announced the severe disciplinary actions against former Vice Chairman Wang Jianjun, indicating regulatory scrutiny in the financial sector [5] - The National Immigration Administration introduced 10 innovative measures to support high-quality development, with implementation dates set for November 5 and November 20, 2025 [5] Group 2 - Yaxing Chemical is planning to acquire control of Tianyi Chemical through a share issuance and cash payment, which is expected to constitute a major asset restructuring and related party transaction, leading to a stock suspension starting November 4 [12] - *ST Gaohong received a decision for stock termination due to its stock price being below 1 yuan for twenty consecutive trading days, indicating a forced delisting situation [14] - Pingtan Development reported that its production and operations are normal, with no significant changes in the internal and external business environment [7]

Group 1 - The Chinese government is committed to strengthening cooperation with Russia, emphasizing mutual support and strategic alignment in various fields [1] - China has decided to restore group travel services for its citizens to Canada, considering the demand and local tourism environment [5] - The Ministry of Finance has updated its organizational structure, indicating a focus on debt management [7] Group 2 - TSMC has notified customers of a price increase plan for advanced processes below 5nm, with an average increase of approximately 3%-5% starting January 2026 [9] - Ateris has stated that there are currently no plans to build or acquire polysilicon production lines due to oversupply in the market [10] - StrongRay Technology plans to invest 70 million yuan to acquire a 35% stake in aluminum cooling technology company Alubao, which supplies NVIDIA AI servers [11] Group 3 - The stock of *ST Gaohong has received a delisting decision, while Hangxin Technology's controlling shareholder plans to change, leading to stock resumption [14] - Amazon has signed a $38 billion agreement with OpenAI to expand its computing power using NVIDIA chips [19]

Group 1 - The China-Europe export control dialogue took place in Brussels, focusing on mutual concerns in the export control field, with both sides agreeing to maintain communication to stabilize the industrial and supply chains [3] - China Mobile Group plans to transfer 0.19% of its shares to China Petroleum Group [8] - Yaxing Chemical is planning to acquire control of Tianyi Chemical through a share issuance and cash payment, which is expected to constitute a major asset restructuring and related party transaction, leading to a stock suspension starting November 4 [10] Group 2 - ST Gaohong received a decision for stock termination due to its stock price being below 1 yuan for twenty consecutive trading days [2][14] - Pingtan Development reported that its production and operation are normal, with no significant changes in the operating environment [5] - Huanyu Century and other companies reported normal operations with no significant changes in their internal or external environments [6][7][11]

Core Viewpoint - *ST Gaohong (000851) has received a decision from the Shenzhen Stock Exchange to terminate its listing due to its stock price being below 1 yuan for twenty consecutive trading days, leading to its direct delisting without a transition period [1][3]. Group 1: Company Overview - *ST Gaohong, officially known as 大唐高鸿网络股份有限公司, was established by the China Academy of Telecommunications Technology (Datang Telecom Group) [3]. - The company has developed three main business segments: digital application, information services, and IT sales over its more than twenty years of listing [3]. - At its peak, *ST Gaohong reported revenue exceeding 7 billion yuan, with 2023 revenue recorded at 5.93 billion yuan and total assets at 8.3 billion yuan [3]. Group 2: Financial Irregularities - The China Securities Regulatory Commission identified that from 2015 to 2021, *ST Gaohong engaged in fraudulent trade activities through its subsidiary, Beijing Datang Gaohong Technology Co., Ltd., involving a company controlled by Jiang Qing [4]. - These fraudulent activities resulted in inflated revenue and profits in annual reports, with 2019 alone seeing an inflated revenue of 5.634 billion yuan, accounting for nearly half of the reported revenue, and an inflated profit exceeding 20 million yuan [4]. - The company has also faced issues of inflated revenue and profits in its 2022 and 2023 annual reports [4]. Group 3: Shareholder Information - As of the end of the third quarter, *ST Gaohong had over 80,000 shareholders [5].

Core Points - *ST Gaohong's stock will be delisted due to continuous closing prices below 1 yuan for twenty trading days [3] - The company will not enter a delisting preparation period but will be directly delisted within fifteen trading days after the decision [3] - After delisting, *ST Gaohong's shares will be transferred to the National Equities Exchange and Quotations system [3] - The company has signed a stock transfer agreement with Pacific Securities for share transfer services [3] - *ST Gaohong, established by the China Academy of Telecommunications Technology, has three main business segments: digital applications, information services, and IT sales [3] - The company reported peak revenue exceeding 7 billion yuan, with 2023 revenue at 5.93 billion yuan and total assets of 8.3 billion yuan [3] - The China Securities Regulatory Commission identified fraudulent trading activities from 2015 to 2021, leading to inflated revenue and profits [4] - In 2019, the company inflated revenue by 5.634 billion yuan, accounting for nearly half of its reported revenue [4] - The company has over 80,000 shareholders as of the third quarter [5] - On November 3, *ST Gaohong received the official notice of stock termination from the Shenzhen Stock Exchange [7]

Core Viewpoint - *ST Tianmao announced that its stock will be delisted from the Shenzhen Stock Exchange on September 30, 2025, following a decision made on September 25, 2025 [1] Group 1 - The company has signed a stock transfer agreement with Great Wall Guorui Securities Co., Ltd. to provide share transfer services [1] - After the delisting, the company's stock will be transferred to the National Equities Exchange and Quotations (NEEQ) for management in the delisted segment [1]

Core Viewpoint - *ST Tianmao (000627) is undergoing a significant business restructuring, leading to major uncertainties that may substantially impact Tianmao Group [1] Group 1: Business Restructuring - The company plans to withdraw its A-share listing on the Shenzhen Stock Exchange through a shareholder resolution, which will result in the stock being transferred to the delisting segment managed by the National Small and Medium Enterprises Share Transfer System [1] - The company will initiate a protection mechanism for dissenting shareholders and other shareholders, providing cash options to all A-share shareholders registered on the cash option equity registration date, excluding certain parties [1] Group 2: Stock Suspension and Delisting - The company's stock has been suspended from trading since August 14, 2025, and the decision to terminate the listing has been approved in the first extraordinary general meeting of shareholders in 2025 [1] - Following the shareholder resolution to terminate the listing, the company will submit an application for voluntary delisting to the Shenzhen Stock Exchange within fifteen trading days [1]

Core Viewpoint - Shanghai Lingyun Industrial Development Co., Ltd. will have its stock delisted from the Shanghai Stock Exchange due to continuous trading below 1 yuan for 20 consecutive trading days, as per the stock listing rules [1][2]. Section Summaries Termination of Listing - The company received a decision from the Shanghai Stock Exchange on June 27, 2025, to terminate its stock listing due to non-compliance with listing rules [1]. Main Content of Termination Decision - From May 12, 2025, to June 9, 2025, the company's stock closing price was below 1 yuan for 20 consecutive trading days, triggering the termination conditions outlined in the stock listing rules [1][2]. No Delisting Transition Period - The company's stock will not enter a delisting transition period and will be delisted within 5 trading days following the announcement [2]. Delisting and Deregistration Date - The delisting and deregistration date is set for July 4, 2025 [3]. Post-Delisting Arrangements - The company must arrange for its stock to be transferred to the National Equities Exchange and Quotations (NEEQ) system for trading within 45 trading days after delisting [2][3]. Main Underwriter - The main underwriter for the company is Caixin Securities Co., Ltd. [3]. Investor Information - Investors are advised to pay attention to subsequent announcements from the main underwriter regarding share confirmation procedures on the designated information disclosure platform [3][4].